UK consumer sentiment shows slight improvement in May — GfK poll

А GfK survey released on Friday revealed that British consumers saw a modest rebound in their confidence in May. This improvement has been attributed to the Bank of England's (BoE) interest rate cuts and relieving strain in global trade, as reported by Reuters.

The GfK UK consumer confidence index rose to -20 this month, up from -23 in April. Experts suggest that a renewed sense of optimism among households with regard to their finances and the overall economy played a significant role in this shift. Analysts cited by Reuters had predicted a more modest hike, projecting the index to hit -22.

Neil Bellamy, GfK's head of consumer sentiment analysis, noted that the BoE's decision to ease monetary policy on May 8 was a key contributor to the more optimistic view held by citizens. However, he said high inflation continues to be a problem for the country. On the whole, the survey results mirror a milieu of mercurial confidence among businesses and consumers alike, in the midst of persistent elevated price pressures within the economy.